At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. A final rating is produced for each forex broker based on a total of data points. Learn more about our review process and methodology. In this article, we have grouped some of the best forex brokers available in Canada.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you can afford to take the high risk of losing your money. Visit Forex. Visit Oanda On the other hand, other brokers that are not regulated by the Canadian authorities and are still allowed to operate within the country may face regional restrictions when it comes to accepting new clients.

Forex trading, in general, is legal. The forex market in Canada is regulated by the IIROC Investment Industry Regulatory Organization of Canada. The IIROC is the national regulator, though each region of Canada has its own local regulator which is where things can get more complicated and we will take a look at this below. For this reason, Canadian customers can face some challenges getting accepted by brokers especially if that broker is not IIROC regulated.

In fact, when a broker is not IIROC regulated , each regional regulation has the power to decide whether or not a broker should be allowed to offer its services within the area. Things get a little tricky as we mentioned, in Alberta. This is something similar to the qualification as a professional trader in Europe and you must satisfy at least one of the following conditions:. If you can satisfy one of these criteria, then you will have no problem being classified as an accredited investor in Alberta.

Things go back to normal in this respect. The steps for starting forex trading within Canada are generally the same as in another country. You should be sure to provide the following:. As a Canadian forex trader, there are indeed some things to watch out for that may be accepted in other countries but not Canada. Binary options trading for example, is illegal in Canada, whereas spread betting is in fact legal for Canadian traders.

Derivative products like CFDs , while they are not legal with the neighbors in the USA, are legal to trade in Canada. Cryptocurrency trading is also legal in Canada and very much enjoyed by Canadian traders.

Restrictions on leverage and other trading conditions are also somewhat lenient in Canada. Leverage can generally reach up to , and while negative balance protection is not mandatory as it is in Europe, it is still generally offered by top brokers along with the use of segregated bank accounts.

With those points noted, here are a few tips to follow when choosing your forex broker in Canada:. This point goes for every place, you should always be on the lookout for the best regulation. The Canada IIROC is the national regulatory body and very trusted in Canada, so much so in fact, that brokers offering their services in every Canadian province must be regulated by them.

This is a great thing to make sure you have in place to improve trust. Additionally, IIROC brokers usually follow the Canadian Investor Protection Fund program CIPF , meaning that in case of insolvency the trader will get refunded a certain amount of money depending on the CIPF Terms and Conditions. We all want to avoid fees as much as possible.

This means trying to choose a broker that facilitates CAD deposits and base currency. It will save you on commissions and fees from both the broker and your bank.

Luckily, most Canadian forex brokers already facilitate this. Negative balance protection basically can prevent you from losing more than you have in your account. This could happen in rare cases where the market is volatile and particularly if you are new to trading.

So, even though it is not mandatory in Canada, it makes sense for you to find and choose a broker that offers this protection for your own benefit. This is another great layer of protection after the investor compensation fund is already available with most Canadian brokers.

One of the last steps before trading and once you have found a broker that ticks all the boxes for you, is to verify their regulation. This is simple to complete and means heading over to the IIROC official website , and checking the IIROC Register there using the company name. You will have to pay capital gains tax on any profits in this respect. Your email address will not be published. Check our help guide for more info.

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Broker Search Comparison Reviews Best Guides Compare List. Compare List. MINIMUM DEPOSIT. Best Forex Brokers in Canada for Filippo Ucchino Last Updated: September 20 Min Read. Return To Top.

About The Author Filippo Ucchino Co-Founder - CEO - Broker Expert. Filippo is the co-founder and CEO of InvestinGoal. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in and then became interested in the whole fintech and crypto sector. Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings.

In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector. Best Forex Brokers in Canada for Related Top October 11 Min Read.

October 6 Min Read. November 10 Min Read. Leave a Reply Your email address will not be published. Better Informed Find and Compare The Best Online Broker For You Help Me Chooose Use Advanced Search.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company.

You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors.

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Follow our guidance to your own success. We teach you our simple strategies that will help you become profitable traders. Complete and reliable trading education, perfect for beginners and pro traders. All courses and strategies are provided according to our experience as prop traders. All payments made on this website are processed via PayPal.

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For beginners setting out, make the most of online training courses and demo accounts. IIROC is a self-regulatory agency and was formed on January 1, , with the merger of the Investment Dealers Association of Canada IDA and Market Regulation Services Inc. Forex Brokers in France Currency trading is popular in France, especially for those who want to speculate on falling…. We have partnered with market analysis individuals who take alot of the guess work and save time on having to read charts on your own. Lack of discipline. For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker.

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